In an unexpected turnabout, Sen. Joe Manchin has announced that he has reached an expansive agreement with Senate Majority Leader Chuck Schumer on health care costs, energy and climate issues, taxing higher earners and large corporations and reducing federal debt.
In an unexpected turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday they had reached an expansive agreement that had eluded them for months on health care, energy and climate issues, taxes on higher earners and corporations and trimming of the federal debt.
In an abrupt announcement, he and fellow Democrat Schumer said the measure would raise $739 billion over 10 years in revenue, the biggest chunk coming from a 15% corporate minimum tax. The Senate will consider the sweeping package next week, said Schumer, D-N.Y., and Manchin, D-W.Va., who had negotiated for months and had seemed deadlocked over anything but a far smaller measure.
Tellingly, Democrats were calling the measure "The Inflation Reduction Act of 2022." Polls show that inflation, as embodied by gasoline prices that surpassed $5 per gallon before easing, have been voters' chief concern.
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